02 October 2010
if an company has one plant installed on 30-12-2008 for15,00,000 & the same plant was destroyed in Sept, 2009, and gets insurance claim of10,00,000 then the company will get depr. for the accounting year 2008-2009 i.e. ok but Company Can Claim depr, for accounting year 2009-2010 ? & what is Short term Capital Gain ?
the company has only one plant. & no other asset in that block
02 October 2010
In ma opinion Punit is correct.Depre is available only if, there is an asset in th block and it shd `ve some value. So, no depre in 2nd yr. Short term cap loss ( depreciable asset)can b claimed.
CAclubindia
